ACC 307: Cost Accounting Fall 2012 Practice Exam II I. TRUE / FALSE 1. A budget generally includes both financial and nonfinancial aspects of the plan. 2. The revenues budget should be based on the production budget. 3. A favorable variance should be ignored by management. 4. The direct manufacturing labor price variance is likely to be unfavorable if lower-skilled workers are put on a job. 5. For fixed overhead costs‚ the flexible-budget amount is always the same as the
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Intermediate Price Theory Problem Set 1 -- Supply and Demand 1. Assume that the United States demand curve for corn is QD = 80 - 2P where P is the price of corn (in dollars per bushels) and QD is the quantity of demanded of corn ( in billions of bushels) and that QS = 20 + 4P is the supply curve for corn where QS is the quantity of corn supplied (in billions of bushels). a. What are the equilibrium price and quantity? At equilibrium‚
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Ethics ACC/291 August 4‚ 2012 Ethics The Sarbanes-Oxley Act of 2002 was approved in order to keep corporations form scamming the government. The law was a consequence of many corporate scams. This law was to protect the investors and give them the correct information and to make the corporations reveal all information which may impact an investor’s judgment of the corporation. This act/law will make corporations complete an internal audit from time to time as to keep all the information correct
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Exchange Commission (SEC) regarding Newman Title’s accounting practice of revenue recognition‚ and the impact of CFO’s resignation for the company its share market. Legally we are required to comply with the request of the SEC and give the SEC the invoices and copies of shipping documents as required by them. After examining the documents‚ the SEC will be satisfied that we were correct in including these sales in the revenues for the related accounting period. Such inquiries by SEC take place when their
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Analytics exercise: Quality Management - Toyota Discussion Questions: Develop diagram that summarizes what Toyota has done in response to it recent quality recall problems. Focus on the changes by functional area (i.e. Management‚ Product Design‚ Quality‚ and Manufacturing). Functional Area Actions Management Name a managing director to oversee all safety-related issues. Quality Launch a global database to track vehicle repairs and cut reporting times about customer complaints from
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Unit 306 Promote and Implement Health and Safety in Health and Social Care * 1.3 Analyse the main health and safety responsibilities of * Self: As an employee I have a legal duty to take responsibility to care for my own health and safety and that of others who may be affected by what I do or don’t do. Also to co-operate with my employer with health and safety. To correctly use work items and equipment provided by my employer‚ which includes personal protective equipment‚ in accordance
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ACC 556 – Financial Accounting for Managers Chapter 1 Homework Due Week 1 and worth 10 points Directions: Answer the following four questions on a separate document. Explain how you reached the answer or show your work if a mathematical calculation is needed‚ or both. Submit your homework assignment using the homework assignment link in the course shell. E1-1 Here is a list of words or phrases discussed in this chapter: 1. 2. 3. Corporation Creditor Accounts receivable 4. 5. 6. Partnership Stockholder
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Name: Class: Cost Accounting Date: 02.12.2012 Quiz 5 1) Absorption costing: A) expenses marketing costs as cost of goods sold B) treats direct manufacturing costs as a period cost C) includes fixed manufacturing overhead as an inventoriable cost D) is required for internal reports to managers 2) Variable costing: A) expenses administrative costs as cost of goods sold B) treats direct manufacturing costs as a product cost C) includes fixed manufacturing overhead as an inventoriable
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Financial Statements Principles of Accounting/ACC280 Date Instructor Name Abstract Understanding what is happening financially in the company insights provides the financial information system of accounting. One must have knowledge of numbers when working in accounting. The three basic activities in accounting are identifies‚ records‚ and communicates. The four financial statements are income statements‚ retained earnings statement‚ balance sheet‚
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Credit Hours/Semester: ACC 240 Computerized Accounting 3.0 0.0 3.0 Distance Learning Attendance/VA Statement Textbook Information COURSE DESCRIPTION This course is a study of using the computer to design and implement various accounting functions‚ including financial transactions‚ records‚ statements‚ reports and documents. COURSE PURPOSE The purpose of this course is to provide the student with a realistic approach to computerized integrated accounting principles. The text/workbook
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